Financial Performance - Total operating revenue for the first quarter reached ¥7,240,223,552.43, an increase of 46.29% compared to ¥4,949,345,961.54 in the same period last year[6] - Net profit attributable to shareholders was ¥2,757,201,312.78, reflecting a growth of 79.23% from ¥1,538,328,759.88 year-on-year[6] - Basic earnings per share increased by 94.12% to ¥0.33 from ¥0.17 in the previous year[6] - The company's total revenue for the current period was approximately ¥7.24 billion, compared to ¥4.95 billion in the previous period, reflecting a significant increase[23] - Net income for the current period reached ¥2,970,388,406.34, a significant increase from ¥1,713,072,977.76 in the previous period, representing a growth of approximately 73.4%[24] - The total comprehensive income for the current period was ¥2,735,053,303.69, compared to ¥2,418,682,376.86 in the prior period, an increase of about 13.1%[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥814,616,464,709.01, up 7.36% from ¥758,745,107,933.09 at the end of the previous year[6] - As of March 31, 2025, total assets reached approximately ¥814.62 billion, an increase from ¥758.75 billion at the end of 2024[21] - Total liabilities amounted to approximately ¥658.91 billion, up from ¥605.66 billion at the end of 2024[22] - The company's cash and cash equivalents were approximately ¥154 billion, down from ¥169.40 billion at the end of 2024[21] - Cash and cash equivalents at the end of the period totaled ¥179,935,731,764.53, compared to ¥151,063,254,945.43 at the end of the previous period, indicating an increase of approximately 19.1%[26] Cash Flow - The net cash flow from operating activities was negative at -¥13,688,509,753.43, worsening from -¥11,861,776,432.59 in the same period last year[6] - The net cash flow from operating activities was negative at -¥13,688,509,753.43, worsening from -¥11,861,776,432.59 in the previous period[26] - The company reported a net increase in cash flow from financing activities of ¥12,173,764,082.47, compared to ¥8,294,802,318.78 in the previous period, representing a growth of approximately 46.5%[26] - The company experienced a net decrease in cash flow from investing activities of -¥10,358,114,536.39, contrasting with a positive cash flow of ¥8,607,904,843.80 in the previous period[26] Investment and Income - Investment income surged by 208.32% to ¥2,315,409,197.16 compared to ¥750,966,943.33 in the previous year[9] - Investment income surged to ¥2,315,409,197.16, up from ¥750,966,943.33, marking a growth of approximately 208.5%[24] Shareholder Information - Total number of common shareholders at the end of the reporting period was 184,679, including 183,350 A-share shareholders and 1,329 H-share shareholders[13] - The top 10 shareholders hold a combined 88.82% of the total shares, with Hong Kong Central Clearing Limited holding 22.36% (1,700,326,860 shares) and Jilin Aodong Pharmaceutical Group holding 16.47% (1,252,768,767 shares)[13] Corporate Actions - The company completed a share buyback plan in 2022, repurchasing 15,242,153 A-shares for a total of RMB 234 million[16] - Following the share buyback, the total share capital decreased from 7,621,087,664 shares to 7,605,845,511 shares after the cancellation of the repurchased shares[17] - The company increased the paid-in capital of GF Holdings (Hong Kong) Limited to HKD 10.337 billion, with an additional investment of HKD 2.137 billion[16] - The company issued offshore bonds totaling $380 million with a 3-year term and RMB 800 million with a fixed rate, guaranteed by the company[19] - The company approved a guarantee for GF Financial Holdings (UK) Ltd. for a financing letter not exceeding $140 million, with a term of up to 5 years[20] Operational Metrics - The company's core net capital increased by 0.12% to ¥69,544,560,982.18 from ¥69,460,233,564.88 at the end of the previous year[10] - The risk coverage ratio decreased by 17.33 percentage points to 258.89% from 276.22% at the end of the previous year[10] - The liquidity coverage ratio decreased by 14.20 percentage points to 168.97% from 183.17% at the end of the previous year[10] - The total operating expenses increased to ¥3,688,539,994.86 from ¥3,124,966,705.40, which is an increase of around 18.0%[24] - Net interest income for the current period was approximately ¥531.51 million, up from ¥438.46 million in the previous period[23] - Interest income decreased to approximately ¥2.99 billion from ¥3.21 billion, while interest expenses also decreased to approximately ¥2.46 billion from ¥2.77 billion[23] - The company reported an increase in receivables to approximately ¥14.09 billion from ¥8.66 billion[21]

Financial Performance - Total operating revenue for Q1 2025 reached CNY 7,240,223,552.43, an increase of 46.29% compared to CNY 4,949,345,961.54 in the same period last year[10] - Net profit attributable to shareholders for Q1 2025 was CNY 2,757,201,312.78, reflecting a growth of 79.23% from CNY 1,538,328,759.88 year-on-year[10] - Basic earnings per share for Q1 2025 increased to CNY 0.33, up 94.12% from CNY 0.17 in the previous year[10] - Net profit for the current period was ¥2,970,388,406.34, compared to ¥1,713,072,977.76 in the previous period, indicating a year-over-year increase of about 73.5%[33] - Basic and diluted earnings per share both stood at ¥0.33, up from ¥0.17 in the previous period, reflecting a growth of 94.1%[34] Assets and Liabilities - Total assets as of March 31, 2025, amounted to CNY 814,616,464,709.01, representing a 7.36% increase from CNY 758,745,107,933.09 at the end of the previous year[10] - Total liabilities increased to ¥658,911,082,919.04 as of March 31, 2025, compared to ¥605,659,726,624.79 at the end of December 2024, marking an increase of approximately 8.7%[30] - The total assets and liabilities combined reached ¥814,616,464,709.01 as of March 31, 2025, compared to ¥758,745,107,933.09 at the end of December 2024, reflecting an increase of about 7.4%[30] Investment and Income - The company reported a significant increase in investment income, which rose by 208.32% to CNY 2,315,409,197.16 compared to CNY 750,966,943.33 in Q1 2024[15] - Net interest income for the current period was ¥531,508,277.07, compared to ¥438,457,684.88 in the previous period, reflecting an increase of approximately 21.2%[32] - Investment income for the current period was ¥2,315,409,197.16, significantly higher than ¥750,966,943.33 in the previous period, indicating a growth of around 208%[32] Cash Flow - The net cash flow from operating activities for Q1 2025 was negative at CNY -13,688,509,753.43, worsening from CNY -11,861,776,432.59 in the same period last year[10] - Operating cash flow net amount decreased to -13.69 billion from -11.86 billion in the previous period[36] - Cash inflow from operating activities totaled 56.10 billion, down from 84.62 billion in the previous period[36] - Cash outflow from operating activities totaled 69.79 billion, down from 96.48 billion in the previous period[36] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 184,679, including 183,350 A-share shareholders[20] - The top ten shareholders held a combined 68.56% of the shares, with the largest shareholder, Hong Kong Central Clearing Limited, owning 22.36%[20] Equity and Capital - The company’s total equity attributable to shareholders increased by 1.63% to CNY 150,009,398,401.02 from CNY 147,601,915,206.29 at the end of the previous year[10] - Total equity rose to ¥155,705,381,789.97 as of March 31, 2025, from ¥153,085,381,308.30 at the end of December 2024, showing a growth of about 1.7%[30] Other Financial Metrics - Risk coverage ratio decreased to 258.89%, down by 17.33 percentage points from the previous year[17] - Liquidity coverage ratio decreased to 168.97%, a reduction of 14.20 percentage points year-over-year[17] - The proportion of self-operated non-equity securities and their derivatives to net capital increased significantly by 62.22 percentage points to 358.73%[17] - The company remains compliant with the relevant regulations of the Securities Company Risk Control Indicator Management Measures[18] Operational Changes - The company completed the issuance of offshore bonds amounting to USD 380 million and CNY 800 million, both with a maturity of 3 years[26] - The company repurchased 15,242,153 A-shares for a total of CNY 234 million, which were subsequently canceled, reducing the total share capital from 7,621,087,664 shares to 7,605,845,511 shares[24] - The company has 26 subsidiaries and 330 securities business departments across 31 provinces and municipalities in China as of March 2025[23] - The company plans to provide a guarantee for a loan of up to USD 140 million for its subsidiary in the UK to support its internationalization strategy[26]

业内人士表示，券商需将勤勉尽责与合规要求嵌入业务全链条，通过完善风控体系、提升执业质量，规避因上市公司违规 行为引发的连带责任风险。未来，随着注册制深化推进，中介机构"看门人"职责将进一步强化，风控能力或成券商核心竞 争力关键指标。（陈十一） 专家介绍，新《证券法》及最高法司法解释取消虚假陈述诉讼前置条件后，券商因"过错推定"连带责任被诉概率显著上 升。锦天城律师李文兵强调，券商作为专业中介机构，对上市公司情况更熟悉，若未履行勤勉尽责义务，需对投资者损失 承担赔偿责任。 【环球网财经综合报道】2024年券商年报披露的重大诉讼事项显示，证券虚假陈述、股票质押式回购及融资融券纠纷已成 为行业"踩雷"高发领域，暴露出业务风险管控与中介执业质量双重挑战。业内呼吁，券商需强化风控合规，严守"看门 人"职责。 除虚假陈述外，股票质押式回购纠纷频发。东方证券与青岛亚星实业因"R大通1"质押交易违约对簿公堂，待偿本金6.53亿 元及利息、违约金等；国海证券披露多起股票质押纠纷进展，部分案件已执行回款，部分尚在推进中。2024年，国海证券 因质押业务风险累计计提资产减值准备2.19亿元，减少净利润1.64亿元。 证券虚假陈述诉 ...

智通财经4月29日讯，市场昨日震荡调整，三大指数小幅下跌。沪深两市全天成交额1.06万亿，较上个 交易日缩量572亿。板块方面，PEEK材料、游戏、银行、钢铁等板块涨幅居前，海南、房地产、旅游、 食品等板块跌幅居前。截至昨日收盘，沪指跌0.2%，深成指跌0.62%，创业板指跌0.65%。 在今天的券商晨会上，国泰海通证券提出，优先配置综合优势显著，以及跨境资产配置能力更强的头部 券商；广发证券认为，2025年煤价中枢或有下行，龙头公司预计盈利保持整体稳健；华泰证券表示，看 好2025年商业地产板块的投资机会。 国泰海通证券：优先配置综合优势显著，以及跨境资产配置能力更强的头部券商 国泰海通证券表示，固收自营作为券商行业的支柱业务，在新时期亟待转型。单一业务的变化，应看作 行业供给侧改革的一个侧面，转型期、探索期，建议不确定性找确定性，优先配置综合优势显著，以及 跨境资产配置能力更强的头部券商。 广发证券：2025年煤价中枢或有下行 龙头公司预计盈利保持整体稳健 广发证券表示，4月煤炭行业需求仍处于淡季，煤价总体较为弱势，但后期稳增长逆周期调节政策力度 加大预期开始增强，且随着工业需求回升，产量增长放缓及进口煤 ...

广发证券股份有限公司 2025 年度 公开发行公司债券 跟踪评级报告 编号：信评委函字[2025]跟踪 0158 号 广发证券股份有限公司 2025 年度公开发行公司债券跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 4 月 28 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或 ...

广发证券主要观点如下： 2025年4月关税政策落地后，黄金价格冲高回落近期呈剧烈波动态势。整体来看，本轮大涨主要受中美关税紧张升级、美元承压与美联储政策预期转向谨 慎，以及全球避险情绪高企所驱动。底层逻辑上： 1. 长期支撑要素是避险需求，关税、地缘不稳定都会支撑金价。 2. 美国例外论告一段落后美股走熊，使得欧美系资金对黄金有强烈的资产配置需求，某些意义上说黄金是本轮美股下跌最大受益者。 3. 宏观叙事上称之为美元信用崩塌，结构性是美元贬值(黄金是除比特币外唯一能够从美元贬值中受益的主要资产)。央行购金也是此原因的具象化体现。 智通财经APP获悉，广发证券发布研报称，2025年4月关税政策落地后，黄金价格冲高回落近期呈剧烈波动态势。整体来看，本轮大涨主要受中美关税紧 张升级、美元承压与美联储政策预期转向谨慎，以及全球避险情绪高企所驱动。中长期维度来看，维持黄金结构性牛市的判断，其突破历史峰值的估值重 构动能仍具持续性。但就短期交易层面而言，当前价格虽已回落但仍有进一步下滑可能性：技术面超买，COMEX黄金投机净多头占比突破阈值区间，市 场情绪过热特征显著。基于均值回归规律，黄金通过月线级别的价格修正完成流动 ...

专题：中共中央政治局会议重磅定调！如何影响资本市场？机构最新解读 中共中央政治局4月25日召开会议，分析研究当前经济形势和经济工作，强调"坚定不移办好自己的事， 坚定不移扩大高水平对外开放""以高质量发展的确定性应对外部环境急剧变化的不确定性"，作出一系 列重要部署，为进一步坚定各方发展信心、积极有效应对困难挑战、不断稳固经济持续回升向好基础指 明前进方向和发力重点。 多家机构解读政治局会议>> 中信证券|强化底线思维，充分备足预案：政治局会议学习体会 中金公司联合解读政治局会议：宏观着力"四稳" 配置上沿三主线布局 国泰海通宏观2025年4月政治局会议点评：加快节奏，备足预案 长江证券解读2025年4月政治局会议：内需之夏 招商证券点评中央政治局会议：四稳目标 就业优先 招商证券政策专题：四月政治局会议有哪些要点？ 财通证券点评政治局会议：关注三个问题 广发宏观郭磊：四个细节和四个抓手——政治局会议精神学习理解 华创证券张瑜：以确定性应对不确定性——从投资视角学习4.25政治局会议精神 中泰证券学习4月政治局会议通稿：经济向好与底线思维 财信研究解读4月政治局会议：强化底线思维，应对外部冲击 天风证券4月政 ...

近日，林氏家居披露了IPO辅导工作进展情况报告（第十三期），辅导机构为广发证券。根据公告内 容，经过前期辅导，该公司落实了关于前员工合作商、第三方回款等内控措施，并将按要求充分信息披 露。同时，逐步落实了部分募集资金投资项目的可研工作，后续将结合具体情况开展备案和环评等工 作。 对此，广发证券通过核查离职员工合作商的基本情况、离职员工成为林氏家居合作商的合理性、离职员 工合作商合作的公允性、离职员工担任客户和供应商与发行人交易的真实性。经核查，林氏家居与离职 员工合作商不存在重大异常情况，并将林氏家居离职员工合作商事项在招股说明书关联交易章节作 为"比照关联交易披露的其他交易"进行充分信息披露。 而对于第三方回款问题及规范情况，广发证券表示，林氏家居第三方回款主要来源于经销客户及海外客 户，其中，林氏家居部分经销商出于资金便利及付款便捷的需求，通过经营者或者法定代表人等第三方 银行账户向林氏家居回款。 报告期内，辅导对象经销商客户及部分阿里巴巴国际站海外客户存在第三方回款的情况。 此外，随着林氏家居海外业务的快速发展，在阿里巴巴国际站渠道下林氏家居部分海外客户因汇款便利 等综合因素的影响，选择通过第三方银行账 ...

广发证券研报称，从2025年第一季度传媒互联网板块的基金持仓情况看，公募基金对A股传媒行业的配 置比例环比有所提升，传媒板块低配比例有小幅缩窄。结构上看，游戏、互联网、电影院线、动漫板块 的基金配置比例提升，主要系AI产业趋势向好、第一季度票房大盘同比高增提振信心、政策环境趋稳 等。此外，前五大重仓个股市值集中度环比提升。建议继续关注AI对传媒互联网行业带来的业务重构 机会，以及有优质内容和IP在手的公司。 ...

广发证券股份有限公司 关于召开 2024 年度股东大会的通知 （公告编号：2025-021）之附件 目录 随着资本市场深化改革，监管部门正加速构建多层次制度供给，持续健全资本市场内生稳 2 定机制，通过制度创新激发市场主体活力，推动市场韧性提升与势能蓄积，为证券行业高质量 发展筑牢制度根基。证券行业立足政治性与人民性根本定位，锚定主责主业战略方向，将功能 性建设置于发展首位，深度践行金融服务实体经济本质要求，聚焦"五篇大文章"战略布局， 着力构建功能型、集约化、专业化、特色化发展新范式，以新质生产力培育推动行业转型升级， 全面对接中国式现代化战略需求。 | 关于《广发证券 2024 年度董事会报告》的议案 2 | | --- | | 关于《广发证券 2024 年度财务决算报告》的议案 26 | | 关于公司 年自营投资额度授权的议案 2025 29 | | 关于预计公司 年度日常关联/连交易的议案 30 2025 | | 关于为广发金融交易（英国）有限公司境外贷款提供担保的议案 37 | | 关于公司发行境内外债务融资工具一般性授权的议案 41 | | 关于《广发证券 年度董事绩效考核和薪酬情况专项说明》的议 ...